[Sejong]:Korea Legislation Research Institute

Economy < Economic ConditionsGovernment and Law < Laws and Legislation

Holding

Korea Legislation Research Institute

Abstract

With the accomplishment of the rapid economic growth for the past decades after the Korean War, Korea has been set as one of the model countries to study and to benchmark for development by many Asian countries. As the Small and Medium Enterprises (“SMEs”) taking the majority of the economic vehicle in Korea, reviewing and sorting out relevant laws and regulations on SMEs would certainly shed lights in assessing effectiveness of those laws.According to the developmental stages of SMEs, each supporting law’s specific provisions and their effectiveness are reviewed and assessed.Supporting laws for small-medium enterprises can be classified into three developmental stages: (1) Establishment Stage, (2) Growth Stage, and (3) Conversion Stage.For establishment stage of small-medium enterprises, there are several support laws including ‘Support for Small and Medium Enterprises Establishment Act’, ‘Act on Special Measures for the Promotion of Venture Businesses’. (The rest omitted)